Scottish Widows hires 400 temporary pensions staff

Scottish Widows will hire 400 temporary staff. Picture: Lisa Ferguson
Scottish Widows will hire 400 temporary staff. Picture: Lisa Ferguson
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Scottish Widows is to hire 400 temporary staff to handle customer queries about major changes in private pensions.

The Edinburgh-based subsidiary of Lloyds Banking Group said the vast majority of the new recruits would be located in the Capital.

The company has seen a sharp rise in inquiries about the pension reforms, which allow people who are retiring to withdraw the value of their pension fund in cash, then spend the lump sum over time, or invest in other financial products.

Scottish Widows chief executive Toby Strauss has previously said he was concerned the industry was in danger of breaching its capacity to cope.

A Scottish Widows spokesman said the 400 recruits were being trained to provide an information service and would not be able to sell products.

The staff are to be in place for the start of the financial year, when the reforms come into effect.

The spokesman said it was not clear how long the temporary staff would be kept, as it was not known how much demand for information there would be.